Wednesday, February 1, 2023

Be wary of the initial reaction on FOMC days

Mid-week market update: The stock market reacted with a risk-on tone to the FOMC decision. The S&P 500 has staged an upside breakout through the 4100 level. While I am cautiously intermediate-term bullish, be warned that the initial reaction to FOMC decisions are often reversed the following day.

Keep in mind that this is a weekly chart. The week isn't over.

The full post can be found here.

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